100 % FUTURE - ALNO

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c. Accumulated other comprehensive income
With regard to the changes in accumulated other comprehensive income, please refer to the statement of
changes in consolidated equity, and the consolidated statement of comprehensive income.
Accumulated other comprehensive income includes consolidated retained earnings, the IPO costs taken
directly to equity, the currency translation reserve, and other transactions taken directly to equity.
Consolidated retained earnings include the accumulated consolidated earnings for the reporting period,
IPO costs taken directly to equity, and the reserve arising from re-measurements applied as of the date of
first-time application of IFRS. The receivables waiver of EUR 4,909 thousand (previous year: EUR 5,000
thousand) that was issued by the shareholders was also carried under this item in the year under review.
The other transactions taken directly to equity relate to the actuarial gains and losses from the pension
provisions, changes in the fair value of securities, and the respective associated deferred taxes. The
amounts reported in 2010 are presented in the consolidated statement of comprehensive income.
d. Capital management
The Group has negative consolidated equity of EUR 69,722 thousand, which is composed as follows:
In EUR thousand 31/12/2010 31/12/2009
Subscribed capital 45,231 41,124
Capital reserve 42,437 36,544
Accumulated other comprehensive income – 157,390 – 148,800
Total – 69,722 – 71,132
The restructuring agreement was signed on February 7, 2011 includes significant equity enhancement
measures of approximately EUR 80.0 million, which are described in detail in Section O.
“Events after the balance sheet date”.
This measure aims at a significant improvement in consolidated equity.
The ALNO Group’s net financial debt increased by EUR 16,137 thousand in the fiscal year, and is
as follows:
31/12/2010 in
EUR thousand
31/12/2009 in
EUR thousand
Change in
EUR thousand
Change in
percent
Shareholder loans and other financial liabilities
non-current 13,057 14,129 – 1,072 – 7.6
current 73,495 93,122 – 19,627 – 21.1
86,552 107,251 – 20,699 – 19.3
Less cash and cash equivalents – 3,041 – 2,857 184 6.4
Net financial debt 83,511 104,394 – 20,883 – 20.0
Total assets 157,698 165,026 – 7,328 – 4.4
Net financial debt as % of total assets 53.0 % 63.3 %
Net financial debt fell by EUR 20,883 thousand year-on-year, or 20.0 %. This is mainly due to receivables
waivers by shareholders in an amount of EUR 4,909 thousand and by the financing banks in an amount
of EUR 10,000 thousand, as well as to the cash inflows of EUR 10,000 thousand from the capital
increases performed in the 2010 fiscal year that were used to redeem debt. This decline is offset by
an increase in trade payables of EUR 7,921 thousand, as a consequence of which total assets fell